After the Annual General Meeting: Deutsche Bank looks for alternative to investment manager Garth Ritchie

Frankfurt Deutsche Bank is preparing for the departure of its investment banking boss. The top is looking for alternative candidates.

Deutsche Bank is preparing for a possible departure of Garth Ritchie. The bank was looking internally and externally for alternatives in case the investment banking board should leave the bank, several persons in charge of the facts told the Handelsblatt. So far, however, the bank has not found what it was looking for. “In the bank, there are doubts as to whether Garth Ritchie and Sylvie Matherat will work for a long time to come,” an insider said.

However, the farewell has not yet been decided. In addition, there are contradictory statements as to whether the bank is looking for a replacement because it wants to replace Ritchie, or whether Ritchie is flirting with his farewell on his own. The “Financial Times” had reported that Ritchie could leave the money house because he disagreed with the cuts in investment banking planned by CEO Christian Sewing. Another reason was the poor voting result at the Annual General Meeting.

However, Ritchie told the British newspaper that he felt fully committed to the bank and its mission and fully agreed with CEO Sewing on the bank’s plans.

At the shareholders’ meeting, the shareholders had only approved the actions of him and the regulatory board member Matherat with 61 percent of the votes, which was 14 percentage points lower than the other board members, who were approved with 75 percent.

35 per cent of the Bank’s share capital was represented at the Annual General Meeting. One or more investors who control a block of five percent of all Deutsche Bank shares were responsible for the significantly worse voting result of Ritchie and Matherat.